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On June 13th, Iranian Foreign Ministry spokesman Baghae stated on the 12th local time that Iran and the United States have reached understandings on most issues, and Iran is currently finalizing the text of the memorandum of understanding. Therefore, Iranian Foreign Minister Araghchis earlier statement that "the two sides are very close to reaching an understanding" is accurate and noteworthy. Meetings of relevant decision-making bodies are underway, and this is an ongoing process. To achieve a final and decisive result, consensus must be reached between decision-making bodies and relevant departments. Baghae also stated that various speculations regarding the content of the agreement text have not yet been confirmed. While specific details of the diplomatic process are not suitable for public discussion at this time, this does not mean the public has no right to know.The U.S. State Department plans to work with Congress to provide $50 million in funding to the Coalition for Epidemic Preparedness Innovations (CEPI). This funding will support research and development efforts to combat medical countermeasures against the Bundibugyo strain of Ebola virus.On June 13, U.S. Energy Secretary Frank Wright stated on Friday that U.S. refiners can still absorb more Venezuelan crude oil. Wright said that Venezuela currently ships about half of its total daily exports of 1.2 million barrels to the United States, and this proportion is likely to rise in the coming months. Wright also stated that Iran is currently not exporting any oil or refined products. During the Middle East conflict, the United States has actively filled the gap in oil exports.Adobe (ADBE.O) shares fell 10%, hitting their lowest level since 2018.A senior U.S. government official said Iran’s civilian nuclear facilities are acceptable.

Crypto winter may temper fintech earnings

Jimmy Khan

Aug 04, 2022 14:41

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Wall Street has lowered earnings expectations for once high-flying fintechs Coinbase and Block, as a chill in the cryptocurrency market adds more pain to the companies already grappling with surging costs and rapidly rising rates.


Crypto exchange Coinbase is expected to report an adjusted loss in the second quarter, while Jack Dorsey-led payments company Block is likely to post a 70% drop in adjusted profit.


Coinbase, which has the biggest exposure to crypto volatility, has lost more than three quarters of its market capitalization this year.


“For Coinbase, this is going to be a very difficult 12 to 18 months,” said Dan Dolev, senior analyst, fintech equity research at Mizuho Securities USA.


Block, which changed its name from Square last year to better reflect its focus on blockchain, has lost over half of its market value amid the stock market rout this year.

The context

The cryptocurrency selloff has dragged down multiple companies in the sector, with some even seeking bankruptcy protection. Bitcoin, the largest cryptocurrency, has nearly halved in value in the first seven months of the year.


“There could be potential for double digit headcount reduction (at Coinbase) at some point because the cost is too high,” Dolev said.


Estimate cuts and competitive pressures are also contributing to the weakness in fintech stocks, according to Credit Suisse analysts.


The cryptocurrency sector may be slowly emerging from a bruising selloff, but they still have to contend with regulatory hurdles in the United States, the biggest market for such assets.


Online trading app Robinhood Markets Inc reported a 44% plunge in second-quarter earnings on Tuesday, a day earlier than expected, and said it would also cut 23% of its workforce.

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